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HP Q1 Profit Down; Backs FY12 Profit View - Quick Facts

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2/22/2012 4:25 PM ET

Hewlett-Packard Co. (HPQ: Quote) reported that its first-quarter net earnings declined to $1.468 billion or $0.73 per share, from $2.605 billion or $1.17 per share in the same quarter last year.

Non-GAAP net earnings decreased to $1.832 billion or $0.92 per share, from $3.030 billion or $1.36 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined to $30.04 billion from $32.30 billion in the prior year quarter. Twenty eight analysts had consensus revenue estimate of $30.71 billion for the quarter.

For the second quarter of fiscal 2012, the company estimates non-GAAP earnings per share to be in the range of $0.88 to $0.91 and GAAP earnings per share to be in the range of $0.68 to $0.71. Analysts expect the company to report earnings of $0.95 per share for the second-quarter.

The company still expects full year fiscal 2012 non-GAAP earnings per share of at least $4.00 and GAAP earnings per share of approximately $3.20. Analysts expect the company to report earnings of $4.08 per share for fiscal 2012.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Stocks have moved mostly higher in early trading on Wednesday, adding to the gains posted in the two previous sessions. The major averages have all moved to the upside, although buying interest has waned since the open. Industrial production in the U.S. rose by more than expected in the month of March, the Federal Reserve revealed in a report on Wednesday, with the report also showing a notable upward revision to the pace of production growth in the previous month. The report said industrial production increased by 0.7 percent in March after surging up by an upwardly revised 1.2 percent in February. Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000.
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